Singapore FinTech company Pace Enterprises, which operates a BNPL platform, announced that it signed an agreement to buy Rely, a rival Singapore startup offering the same services, a report said Wednesday (March 30).
The price was undisclosed.
The acquisition lets customers make use of Pace’s alternate payment plans on more brands in Singapore and Malaysia. It will also drive incremental revenue on several merchants, according to Pace.
The Rely team will be working with existing merchants to transition them to Pace’s platforms.
“The addition of Rely marks a key milestone achievement for Pace as we continue to strengthen our presence in Asia. With a shared purpose in democratizing financial services across the region, we look forward to delivering more compelling offerings that cater to the financial needs of our customers,” said Turochas “T” Fuad, Pace’s founder and CEO.
Rely was founded in 2017, and was the first operator to offer BNPL in Singapore. Since that time, it has scaled its operations regionally, partnering with a variety of companies.
Meanwhile, Pace is a multiterritory FinTech company, looking to “democratize” financial services in Asia through a banking engine that can operate cross-country. It gives customers new options for spending, appropriate spend limits and ways to split payments.
Read more: CredPal Raises $15M for BNPL Improvements
PYMNTS wrote that, in other BNPL-related news, African firm CredPal has raised $15 million in a bridge round.
The report notes that the company plans to use the funds to broaden its credit offerings in Nigeria and scale more in Africa.
CredPal offers BNPL as well as access to credit cards.
The company reportedly also wants to put out new partnerships with merchants on CredPal Pay, its merchant suite to help businesses add BNPL services.
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